Bitdeer Technologies Group Q3 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Bitdeer Q3 2024 Earnings Summary

  • Revenue: $62 million, down from $87.3 million in Q3 2023. Decline driven by lower hosting and cloud mining revenue due to contract roll-offs from cloud hash rate customers and transition from hosting to self-mining.
  • Self-Mining Revenue: $31.5 million, up 4.7% from Q3 2023, supported by increased average hash rate (7.8 EH/s vs. 6.1 EH/s) and higher BTC prices, partially offset by impacts from the April 2024 Bitcoin halving and increased global network hash rate.
  • Cloud Hash Rate Revenue: $7.1 million vs. $15.6 million in Q3 2023. Decline due to long-term contract expirations; resources reallocated to self-mining.
  • Hosting Revenue: General hosting at $9.6 million (vs. $22.2 million) and membership hosting at $9.9 million (vs. $16 million). Reductions due to facility conversions (e.g., Rockdale) and customer hardware removals post-halving.
  • Gross Profit: $2.8 million (vs. $21.1 million); Gross Margin: 4.5% (vs. 24.2%). Decreased margins were impacted by lower hosting/cloud mining revenue and higher average power prices.
  • Adjusted EBITDA: -$8.5 million vs. $28 million in Q3 2023; Adjusted Profit: -$26.2 million vs. +$10.5 million.

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Operator: Good day and thank you for standing by. Welcome to the Bitdeer Q3 2024 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Yujia Zhai from the Orange Group. Please go ahead. Yujia Zhai: Thank you, operator, and good morning, everyone. Welcome to Bitdeer's third quarter 2024 earnings conference call. Joining me today are Jihan Wu, Chairman and CEO; Matt Kong, Chief Business Officer; Haris Basit, Chief Strategy Officer; and Jeff LaBerge, Head of Capital Markets and Strategic Initiatives. Harris will begin today by providing a high-level overview of Bitdeer's third quarter results and then cover the company's strategy as well as provide a detailed business update. After that, Jeff will cover Bitdeer's third quarter financial results in more detail and then we will open the call for questions. Before management begins their formal remarks, we would like to remind everyone that during today's call, we may make certain forward-looking statements. These statements are based on management's current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from those expressed or implied in such forward-looking statements. For a more complete discussion on forward-looking stat

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